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Colleges are selling bonds again for new dormitories, signaling optimism for the student housing sector. Bloomberg | May 12, 2021
(Bloomberg) Colleges all across America are betting big on the resurrection of American campus life. So are bondholders.
After a year of declining enrollment, online classes and vacant quads, schools have started selling bonds again for new dormitories, signaling optimism that the impact of the pandemic will be short-lived.
Tufts University, a private school near Boston, took on $250 million of debt to build a new residence hall to allow more students to live on campus. Stockton University raised money to build apartments for its Atlantic City campus. Even a company that has seen several of its dorm projects fall into financial distress during the pandemic was easily able to sell bonds to build another at a college in Boca Raton, Florida.
The announcement comes after steep increases in cost and significant delays driven by the coronavirus. It s been a complicated and a really difficult process, but we’re almost there, said Bob Cope, economic development manager for the city of Colorado Springs.
The bond markets fell apart in March of last year because of the coronavirus just as the bonds for the project were offered for sale. Since then, the markets have largely recovered and Cope said he expects the bonds to be sold in June because similar projects have recently been financed.
Following the delay, the Colorado Springs City Council had to increase the bonding authority for the project by $10 million earlier this year bringing the total debt limit up to $90 million to cover the visitor s center and public infrastructure across the 51-acre site. A business improvement district set up for the project will be responsible for paying back the debt, not the city.
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The planned hotel and conference center planned to be built near the new Air Force Academy visitor s center could cost up to $225 million, according a legal notice. Courtesy city of Colorado Springs
city of Colorado Springs
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The planned hotel and conference center planned to be built near the new Air Force Academy visitor’s center could cost up to $225 million, according a legal notice. Courtesy city of Colorado Springs
city of Colorado Springs